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SANDS LAKE VIEW DEVELOPMENT pays the indebtedness to BANKERS TRUST
COMPANY, the property encumbered hereby is relieved of liablllty for that
Indebtedness. Therefore, to the extent payments are made by THE SANDS LAKE
VIEW DEVELOPMENT in reduction of the indebtedness to BANKERS TRUST
COMPANY as aforesaid, MORTGAGOR's obligation to MORTGAGEE under the
purchase money note secured hereby shall increase dollar for dollar for each dollar
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- that the aforesaid BANKERS TRUST COMPANY indebtedness is reduced.
MORTGAGOR further agrees to evidence any additiona! sums which are owing as a
result of said payments by THE SANDS LAKE VIEW DEVELOPMENT by executing
such additional promissory notes as may be required from time to time to reflect
the increased obligation.
This Purchase Money Mortgage shall secure payment of the purchase money
promissory note and all increases thereof as contemplated by this paragraph.
25. All payments that are made by MORTGAGOR arising from and as a
result of the modification of the BANKERS TRUST COMPANY mortgage, being
made concurrently herewith, by way of increases in interest payable thereunder and
the costs and expenses of BANKERS TRUST COMPANY incident to the
modification of its mortgage, including state documentary and intangible taxes and
title insurance, to the extent paid by MORTGAGOR, but not required to be borne
by MORTGAGOR, as provided in the Agreement for Purchase and Sale, shall be
deemed prepayments of the Purchase Money Mortgage and note to be applied to
payments necessary for subordination of this Purchase Money Mortgage and celease
of condominium units in inverse order of maturity of the purchase money note(s).
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~ 26. MORTGAGOR shall not transfer or convey the mortgaged property to
any entity or person in which Octavio Buigas and/or his wife and/or his lineal
~ descendants and/or legal representatives collectively do not own at least 50916 of
the legal and beneficial interest thereof, except for conveyances of individual
condominium units or conveyances of portions of the mortgaged property to a
master association or condominium association.
27. MORTGAGOR will hot permit any other liens, except for the existing
mortgage liens and the construction mortgage Liens and taxes for the current year
which are not delinquent, to be filed or maintained against the mortgaged property
and, if any such liens are filed whether paramount or subordinate to this Mortgage,
MORTGAGOR will have or cause to have said liens discharged immediately.
28. MORTGAGOR represents to MORTGAGEE that .any "Developer ~
Agreements" that MORTGAGOR may enter into to provide water and sewer
services to the mortgaged property will run with and to the benefit of the
mortgaged property and will not- contain any provision excluding MORTGAGEE
from the benefits of said "Developer Agreements."
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